Fha mortgage insurance - Study guides, Class notes & Summaries

Real Estate Finance I-CHAMPIONS Exam | 60 Questions and Answers. The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price - Answer- B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - Answer- A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of ...

What does TILA stand for?Answer - Truth-In-Lending Act, Regulation Z What is a HELOC loan?Answer - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan?Answer - LTV stands forAnswer - Loan to Value Define PMI and state what the acronym stands for.Answer - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for?Answer - Disabled veterans ...

HUD Housing Counselor Certification Practice Questions with 100% Correct Answers Which is the maximum recommended housing ratio for renting an apartment? - Correct Answer ️️ -30% Eligibility requirements for down-payment assistance programs include which factors? - Correct Answer ️️ -Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - Correct Answer ️️ -1.75% If ...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? Correct Answer 50% Which is the maximum recommended housing ratio for renting an apartment? Correct Answer 30% Eligibility requirements for down-payment assistance programs include which factors? Correct Answer Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage...

Xinnix Ground School Exam Questions With Answers Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. False YTD paystubs will be requires from a borrower that is self-employed (schedule C) False A borrower requesting a jumbo loan will qualify for an agency loan False Trailing spouse income can be used for qualifying purposes. False The follow...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - 50% Which is the maximum recommended housing ratio for renting an apartment? - 30% Eligibility requirements for down-payment assistance programs include which factors? - Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - 1.75% If the client was denied a mort...

According to the Truth-in-Lending Act, a variation up to what amount is permitted for the annual percentage rate in a regular fixed-rate mortgage transaction as quoted in the Loan Estimate? 1% .5% .125% .25% - Answer-.125% The term "subordination" refers to: The process of releasing a lien The process of recording a lien The process of one lienholder accepting inferior lien priority in favor of another The process of researching a lien - Answer-The process of one lienholder accepting...

HUD Housing Counseling Exam Question and answers rated A+ 2024 Back-end ratio - correct answer The back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month. The client's total current expenses divided by gross monthly income equals 52%. The client's combined current housing payment and...

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - ANSWER-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - ANSWER-Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance? - ANSWER-After 3 business-day rescission period W...

A non-arm's length transaction occurs when the borrowers or any other party to the transaction have a direct relationship with another party to the transaction (including, but not limited to, the employer, lender, broker or appraiser). - True A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their personal tax returns - False A loan with an excellent credit risk, and qualifying as a jumbo loan program would receive a DU Approve/ineligible. - True A ...